Quarterhill is like a completely new company with fresh executives. It could be called Transcore2.0.
The impact of the current executives on IRD and ETC's performance remains uncertain. While IRD seems poised to perform well independently, my concern lies with ETC. Aside from Chuck or Rusty collaborating with Kevin (President of ETC) to manage workloads and drive improvements, the extent of their influence is unclear. It appears that Quarterhill may be a top-heavy organization.
On a positive note, the executives are evidently cognizant of the company's issues, particularly with existing projects suffering from cost overruns and low margins due to poorly bid projects. They have pledged to implement new strategies for bidding on future projects to ensure healthier financial outcomes.
As a side note, considering the way ST Engineering acquired Transcore, there's a chance they might show interest in acquiring Quarterhill in the future. The acquisition of Transcore with an EBITDA multiple of 20 times indicates their strong interest in the ITS sector. Nevertheless, I find it improbable that they would be willing to offer a similar EBITDA multiple for Quarterhill, at least from my perspective.